…… 新兴产业与未来产业 正重塑中国经济的增长坐标 "十五五"规划建议 明确提出 "培育壮大新兴产业和未来产业" 2025年，中国经济 向⌜新⌟而行 低空飞行器划破长空 商业航天赛道形成万亿级生态 人机交互突破想象边界 更让2025年的坚实步伐 成为未来五年产业升级的精彩序章 让我们启动这场"星际巡航" 一同探寻"星标"产业 ↓↓↓ 01 乘势而飞 低空经济爆发式发展 02 太空新基建 商业航天提速 03 新能源 发电装机容量快速增长 总统筹｜祝乃娟 04 脑机接口 规模持续增长 05 人工智能 专利领跑全球，算力扩容提速 06 具身智能 中国市场占全球近三成 回望 2025，群 "星" 闪耀 勾勒产业新图景 2026，再赴 新 程 续写高光！ 策划出品｜经济政声工作室《经济有数》栏目 21创意工作室 执行统筹｜林虹 张星 林军明 策划｜周亦洋 林青云 黄兰雯 视频｜白宇航 谢和洋 实习生吴思远 胡梓颖 李思远 设计｜黎旭廷 文案｜周亦洋 黄兰雯 实习生李茗萱 审校｜陈晶晶 黄志明 ...

Core Viewpoint - The tungsten price increase has led to higher costs for hard alloy tools, prompting manufacturers to raise prices, with expectations for growth in the industry, particularly in high-end sectors due to domestic substitution opportunities [1][2]. Group 1: Industry Trends - The hard alloy tool industry is experiencing a recovery after a period of consolidation, with increased growth expectations for the coming year, especially in high-end manufacturing sectors such as AI, humanoid robots, and semiconductor equipment [1]. - The demand for tools in emerging industries is rising, driven by technological breakthroughs, which is expected to boost sales of high-value-added products [1][4]. - The precision tool industry has a high user stickiness, with tool costs representing only 1%-4% of manufacturing costs, but their quality significantly impacts processing precision and product quality [4]. Group 2: Price Adjustments and Financial Performance - Tool manufacturers, including Zhongtung High-tech, have implemented multiple price increases in 2025 to address rising raw material costs, with adjustments varying by product type based on cost structure and market conditions [2][3]. - In Q3, leading tool companies reported significant profit increases, with Huari Precision's net profit rising by 915.62% year-on-year, attributed to improved downstream demand and enhanced product performance [3]. - Other companies like Okoyi and Zhongtung High-tech also reported substantial profit growth in Q3, with net profits increasing by 69.31% and 36.53% respectively [3]. Group 3: Future Outlook - The domestic tool industry is expected to move away from previous low performance, showing signs of recovery, particularly in high-end manufacturing sectors [3]. - The demand for tungsten remains strong, with expectations for prices to stay high, allowing companies to effectively transfer costs to downstream customers through price adjustments [5]. - The trend of domestic substitution in the high-end hard alloy tool market is gaining momentum, with emerging industry demand seen as a key opportunity for domestic companies to penetrate the high-end market by 2026 [5].

Investment Rating - The report indicates that the deep-sea economy is positioned as a strategic emerging industry and is expected to accelerate in scale and cluster development, driven by technological breakthroughs and policy support [2][19]. Core Insights - The deep-sea economy is transitioning from technological validation to commercialization, becoming a core area of strategic competition in emerging industries, with China gaining a local leading advantage in deep-sea equipment and resource exploration [2][6]. - The global deep-sea economy is characterized by a complex industrial chain that includes upstream resource exploration, midstream equipment manufacturing, and downstream application expansion, with a focus on balancing ecological protection and sustainable development [7][18]. - The report highlights the strategic importance of deep-sea resources, which are seen as a new battleground for global competition, with various countries enhancing their strategic frameworks and investments in deep-sea technologies [6][11]. Summary by Sections 1. Overview and Current Status of the Deep-Sea Economy - The deep-sea economy encompasses diverse industrial clusters formed through the development and utilization of deep-sea resources, which are rich in minerals, oil, gas, and biological resources [3][4]. - The deep-sea is defined as waters deeper than 200 meters, with varying definitions across different fields, and is characterized by extreme conditions that require advanced technology for resource extraction [3][5]. 2. Industrial Chain Analysis - The deep-sea economy's industrial chain is structured as "upstream support - midstream core equipment - downstream application expansion," with a focus on technological complexity and military-civil fusion [7][8]. - The report notes significant growth in the titanium alloy market, projected to reach $15.8 billion by 2024, with a year-on-year increase of 13.7% [8]. 3. Global and Chinese Market Competition Landscape - The report compares the strategic frameworks of various countries, noting that the U.S. emphasizes unilateralism and has developed a comprehensive technology system for deep-sea exploration and mining [11][12]. - China has established a policy framework that includes legal guarantees, strategic guidance, and financial support, positioning deep-sea technology as a key emerging industry [14][19]. 4. Development Prospects and Challenges of China's Deep-Sea Economy - The report emphasizes the strategic value of deep-sea resources for national security and the need for a robust policy framework to support industry growth [19][20]. - Emerging fields such as offshore wind power and marine pharmaceuticals are highlighted as areas for potential growth, with a focus on integrating advanced technologies like AI and big data into the deep-sea economy [20].

这不仅是一组组数据的跃升，更是一场关乎产业格局、经济动能、全球竞争力的深刻变革。当下的每一 项技术突破、每一次产业升级、每一笔资本投入，都在书写中国经济的新叙事——以创新为核心密码， 以新兴产业为核心载体，中国正在全球产业链、价值链中抢占更高位置，为下一个周期的持续增长注入 源源不断的澎湃动能。而这，正是理解当前中国经济转型与资产价值重估的关键所在。 历史的车轮滚滚向前，经济的浪潮始终向着创新的方向奔涌。"十五五"规划建议将"建设现代化产业体 系，巩固壮大实体经济根基"摆在战略任务的第一条，明确提出"培育壮大新兴产业和未来产业"，为未 来五年发展锚定方向。当中国经济转型不断深入，传统增长动能平稳换挡，新兴产业与未来产业的加速 崛起恰是对"十五五"规划方向的精准呼应，以战略性新兴产业为支撑、未来产业为先导的新增长极逐步 成型，凭借持续加码的研发投入、多点爆发的赛道活力、全球领先的技术突破，重塑中国经济的核心竞 争力。 ...

12月28日，两江新区私募基金集群正式启动，标志着两江新区金融资本与科技创新、产业升级的对接进 入体系化、集群化新阶段，将为重庆精准赋能新兴产业、培育新质生产力提供坚实的资本支撑。 硬科技投资成为共同主题。上海半导体产投设立的重庆两江芯徵程半导体私募股权投资基金专注于集成 电路全产业链；奕行基金设立的重庆千里行私募股权投资基金专项投资重庆奕能科技有限公司，致力于 第三代半导体碳化硅晶圆及模组的技术研发与生产制造；领航新界管理的重庆明月湖科技成果转化创业 投资基金，联动重庆科技成果转化基金，则聚焦高成长性科技创新项目，助力两江新区打造具有影响力 的科技创新中心。 基金集群同样注重对重庆主导产业的智能化、绿色化升级赋能。凯辉基金设立的凯辉新渝(重庆)私募股 权投资基金，致力于新能源和汽车产业链的创新，已完成对阿维塔的投资，将进一步强化两江新区在智 能网联新能源汽车领域的产业集群优势。 下一步，两江新区私募基金集群将通过其背后的产业资源、专业管理能力和全国性网络，构建"基金 +产业+科技"的融合生态，推动"科技-产业-金融"三者深度融合、递进形成、互促发展并互为支撑，助 力重庆塑造经济发展新动能，构建富有竞争力的现 ...

Group 1 - The core viewpoint of the article indicates a moderate improvement in consumption, with service consumption recovering ahead of the holiday, as evidenced by increased subway passenger flow in 18 cities and a positive shift in the Hainan tourism price index year-on-year [1] - In terms of investment, the issuance of special bonds has concluded, leading to an increase in physical workload, with asphalt operating rates rebounding and continuous improvement in building materials data [1] - The real estate sector shows a seasonal recovery in sales, with an increase in the proportion of second-hand housing, although overall prices and premiums remain low [1] Group 2 - In foreign trade, there is a divergence between rising domestic export freight rates and a decline in the Baltic Dry Index (BDI) [1] - Production continues to show differentiation, with emerging industries such as polyester, lithium batteries, and photovoltaic chains demonstrating strong resilience, while traditional cyclical industries like steel and some chemicals are experiencing a downturn [1] - Inventory levels are decreasing for coal and building materials, while PTA continues to deplete inventory and polyester shows a slight accumulation [1] Group 3 - Industrial product prices are generally rebounding, with oil and non-ferrous metals experiencing a rebound, and the South China index rising [1] - The Consumer Price Index (CPI) shows structural differentiation, with food prices fluctuating [1] - In terms of liquidity, funding rates have shown slight fluctuations, and the renminbi continues to strengthen due to a weaker dollar and increased demand for foreign exchange settlements [1]

据中国政府网，近期，多部门召开工作会议，梳理总结2025年工作，研究部署2026年重点任务。2026年收入、消费、住房、生育等方面将有哪些变 化，一起来看看。 明年继续实施更加积极的财政政策 根据全国财政工作会议，2026年继续实施更加积极的财政政策。一是扩大财政支出盘子，确保必要支出力度。二是优化政府债券工具组合，更好发 挥债券效益。三是提高转移支付资金效能，增强地方自主可用财力。四是持续优化支出结构，强化重点领域保障。五是加强财政金融协同，放大政 策效能。 明年财政将促进居民就业增收 根据全国发展和改革工作会议，2026年，将综合整治"内卷式"竞争和培育发展新动能。完善重点行业产能治理和重大基础设施调控，大力培育壮大 新兴产业和未来产业，培育壮大若干新兴支柱产业，深化拓展"人工智能+"行动，补齐科技服务业短板，完善低空经济产业生态，深入推进数字经济 高质量发展。 根据全国财政工作会议，2026年，将进一步强化保基本、兜底线，切实加强民生保障。明年将促进居民就业增收：统筹就业补助资金、失业保险基 金等各类资金，引导支持企业稳岗扩岗、重点群体就业创业等；积极发挥税收、社会保障、转移支付等调节作用，多渠道增加居 ...

Group 1 - The central economic work conference has successfully set the direction and boosted confidence for the implementation of the "14th Five-Year Plan" and the work in 2026, providing a clear roadmap for future efforts [2] - The meeting emphasized the importance of avoiding impatience and adhering to the guiding principles, recognizing the unique potential and challenges faced by the Chinese economy at this stage [2][3] - The complexity of China's economy as a super-large economy means that high-speed growth is no longer feasible, and the focus should shift to innovation-driven, quality improvement, and structural optimization [3] Group 2 - Maintaining strategic determination involves avoiding reckless competition in emerging industries, which require substantial capital, talent, and a robust industrial foundation [4] - Addressing existing risks, such as those in the real estate sector and local government debt, requires a long-term, systematic approach rather than quick fixes [4][5] - The resolution of China's issues relies on development, with existing risks needing to be addressed through new growth, and confidence in market and technological reforms is essential [5]

随着"十五五"规划建议出炉，"新兴产业和未来产业"再度成为焦点热词。从"十四五"时期的崭露头角， 到"十五五"规划肩负重任，未来产业为何迎来战略升级？如何投资布局？本期《新质产业·超级机遇》 系列专栏聚焦未来产业。 在上海华山医院的手术室，一名患者在完成国内首例脑机接口手术后实现了"意念操控"；在安徽合肥的 物理研究所，可控核聚变技术的推进正汇编成"人造太阳"工程手册；在湖北武汉的国际车展，新一代氢 燃料电池商用车续航高达700km；在广东深圳的工厂流水线，人形机器人以更精确的柔性抓取变身高 能"分拣员"…… 未来产业正在中国创新沃土上多点开花，新一轮浪潮仍在积累蓄势。对于投资者来说，将长钱投资转换 为未来产业资本，其意义远不止于追求财务回报，更是参与时代变革、助力产业创新并塑造个人财富未 来的重要行动。 面对未来产业的广阔版图，围绕投资者的多元配置需求，嘉实基金以前瞻深度的基本面研究投研体系为 支撑，不断构建和优化产品供给和投资服务，希望帮助广大投资者穿越技术迷雾和市场波动，力争共同 抵达未来价值高地。 战略地位升级未来产业加速跑 作为新一轮科技革命和产业变革浪潮催生而来的全新"增长极"，未来产业是由前沿技 ...

Core Insights - The national industrial and information technology work conference held on December 25-26 outlined key tasks for the "15th Five-Year Plan" period, emphasizing growth stabilization, innovation enhancement, integration promotion, governance optimization, and risk prevention [1] Group 1: Key Focus Areas for 2026 - The conference identified ten key areas for 2026, including consolidating the positive trend of the industrial economy, enhancing the resilience and security of industrial chains, and accelerating technological innovation capabilities [1] - The meeting emphasized the need to optimize traditional industries through standard leadership, equipment upgrades, process improvements, and management innovation [1] Group 2: Emerging and Future Industries - The Ministry of Industry and Information Technology (MIIT) aims to develop emerging pillar industries such as integrated circuits, new displays, new materials, aerospace, low-altitude economy, and biomedicine, while supporting AI advancements and satellite IoT commercial trials [2] - The MIIT plans to establish national emerging industry development demonstration bases and innovative industrial clusters, focusing on innovation tasks in future industry segments [2] Group 3: Industry Performance and Projections - Data from the conference indicated that from January to November 2025, the value added of high-tech manufacturing and equipment manufacturing industries grew by 9.2% and 9.3% year-on-year, respectively, with the core AI industry exceeding 1 trillion yuan and new energy vehicle exports surpassing 2 million units [2] - The MIIT projects that by 2025, the total telecommunications business volume and software business revenue will grow by approximately 9% and 12% year-on-year, respectively, with digital industry revenue also expected to increase by around 9% [2] Group 4: Governance and Competition - The 2025 Central Economic Work Conference highlighted the need to address "involution" competition, with the MIIT reporting steady progress in modernizing industry governance and implementing significant reform measures [3] - The MIIT aims to enhance the supply capacity of high-quality standard systems and promote coordinated policies between industry, finance, and taxation to foster industrial and financial cooperation [3]